Shenzhen in the news: AI frenzy, tech chaos, and global market shakeups ripple from its tech powerhouse scene. Born as a 1980s SEZ, now China’s innovation hub.
Hui Ka Yan, founder of Evergrande, has pleaded guilty to charges including fundraising fraud and bribery. The court has announced he expressed remorse during his trial in Shenzhen. The case follows Evergrande's collapse with over $300 billion in liabilities, marking a significant development in China's ongoing property sector crisis.
The United States has proposed tariffs of up to 12.5% on imports from about 59–60 countries, citing failures to curb goods made with forced labour. The EU has negotiated a digital trade deal with South Korea and is preparing new industrial measures to reduce single‑supplier dependence. China has tightened controls on outbound investment and is hosting a steady stream of foreign leaders.
Fresh data show China’s May retail sales stalled while investment contracts widen, signaling a slowdown in domestic demand. Yet exports are proving resilient thanks to AI-related demand and renewables, and industrial output edges higher, painting a nuanced picture of a faltering domestic economy still buoyed by external demand.
China has posted a contraction in retail sales and a sharper drop in urban investment in May, signaling a deepening economic slowdown even as factory output improves.Officials flag a need for technology development and stronger employment support amid a K-shaped recovery.
Regulators warn against using AI to hype stock prices and expand market manipulation. Wu Qing has outlined strict enforcement, with a push to guide AI use in capital markets and curb rumors. Active ETFs are supported in Shanghai and Shenzhen as part of broader market adjustments.